Pulse Biosciences

PLSE

Medical - Instruments & Supplies · Healthcare

Price

$50.42

+2.57 (+5.37%)

Market Cap

$3.49B

Exchange

NASDAQ

Winston Score

–

No score yet — Winston is napping.

We couldn’t gather enough financial data to score this stock reliably.

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Share count rising — dilution

+141.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 28.0M (2021) → 67.4M (2025)

Winston Score History

The full picture

Pulse Biosciences is a medical technology company that makes a device called the CellFX system, which uses very short bursts of electricity to treat skin conditions and destroy unwanted tissue without damaging the surrounding area. The technology, called Nano-Pulse Stimulation (NPS), targets cells directly and is used by dermatologists and other medical professionals. The company is based in Hayward, California, and holds patents on its core electrical pulse technology.

Pulse Biosciences makes money by selling its CellFX devices to medical practices and charging for the single-use treatment tips required for each procedure. It operates primarily in the United States and is a small, early-stage company still working to grow adoption among clinicians. The financial figures reflect that it spends far more than it earns right now, which is the central risk — the company must convince enough doctors to adopt the technology and generate meaningful revenue before it runs out of cash.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

Revenue data limited

EPS Growth

-28.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$45M/ year

↑ Rising (+38% vs prior year)

>1,000% of revenue

709.9x the sector average (18%)

Investing heavily in future products and technology

Insider Activity

81.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~16 months

$102M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Heavy R&D investment

Pulse Biosciences is putting 12777% of revenue into R&D and that number is rising. That's 709.9x the sector average.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

37.1%

Modest — 37.1% gross margin

Profit after running costs

Operating Margin

-5823.0%

Losing money on operations — -5823.0%

Return on the money invested

ROCE

-83.5%

Weak — -83.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

N/A

—

Data not available

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

1/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-5180.4%

Burning cash (-5180.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

—

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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